This is evidenced by data published by the State Statistics Service of Ukraine, reports the regulator's press service.
It is noted that the primary reason for the deviation of price dynamics from the forecast was a more significant increase in both administratively regulated prices for goods and services, as well as the cost of market services due to a further rise in production costs, particularly energy supply and labor payment, along with tax and regulatory changes.
Main points from the NBU report:
- Raw food products increased in price by 11.8%.
The increase in prices for processed food products in January was 15.9% year-on-year. The acceleration in price growth is attributed to rising procurement prices for raw materials, as well as production costs for enterprises related to electricity, labor payments, and logistics. As a result, prices for bread and bakery products, meat products, and butter rose significantly. Due to rising prices in global markets, certain imported goods, such as cheeses, tea, coffee, and chocolate, became more expensive. Meanwhile, prices for dairy products and butter stabilized, considering the decline in procurement prices for raw milk amid increased supply.
Prices for non-food goods accelerated their growth to 4.3% year-on-year due to exchange rate effects in previous periods. At the same time, prices for clothing and footwear remained lower than last year.
The growth rate of service costs reached 14.2%, also accelerating in January compared to December. This is partly explained by the revision of tariffs, particularly their increase by certain mobile operators, updating the list of paid medical services in state and municipal institutions, and changes in the calculation methods for the cost of OSAGO insurance policies.
- Administratively regulated prices rose by 17.5%.
- The growth rate of fuel prices was 12.1%.
- Core inflation accelerated to 11.7%.